Fees increase and more than a fifth of parents cut down on the days they work to make it feasible.
With the cost-of-living crisis causing ever more stress, data has emerged showing parents are expected to pay almost one-and-a-half thousand pounds more for their childcare than in 2021.
A new poll from Credit Karma UK shows a quarter (24%) of parents have seen their childcare costs increase significantly, by an average £110 per month.
Akansha Nath, Head of Partnerships at Credit Karma said, “The cost-of-living crisis is a big one and it’s putting many consumers’ finances at risk, especially parents. Take advantage of government help and support schemes available this winter and have a conversation with lenders or utility providers if you’re struggling to keep up with your bills, they may be able to help avoid bills remaining unpaid, which can have a negative impact on your credit and thus, your finances, over the long term.”
Working parents in London and the South-East have seen their childcare costs rise most dramatically, followed by the East of England, the South-West and Northern Ireland.
The issue has led one in five parents to cut down on their working days. Thirteen per cent use nanny shares, while 15% say they use weekends and evenings to catch up if they’ve looked after children during the day.
More worryingly, seven per cent have quit work to become stay-at-home parents, while 35% are planning to leave their job in the next year because childcare is so expensive.